A good equipment evaluator will consider all aspects of an asset when establishing a value, including how clean it is and how well it's been cared for. A little work ahead of time can make a big difference in getting the best valuation for used equipment. Listen to Bill Albaugh's thoughts on whether or not equipment should be prepared by the owner before an evaluation is performed.
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Prospective buyers of used heavy equipment frequently arm themselves with as much data as they can find before starting a discussion about price with a salesperson. They find other public listings both to try to decide for themselves what an asset is worth as well as to use to try to convince a salesperson to reduce the asking price. We asked Bill Albaugh how frequently dealers actually sell the equipment on their lots for the retail prices they listed.
Condition is a huge reason that values of equipment are more than the year, make, model and options. The cost to make a piece of equipment ready for use can cause a huge swing in the value of the equipment. Listen to Bill Albaugh explain why repair costs matter when establishing values for used equipment trade-ins.
Modern equipment is more than iron and hydraulics and wear points and wires. Precision equipment is frequently integrated at the factory as well as added on or upgraded to make equipment that's already in the field or on the site more useful. We asked Bill Albaugh about how modern technology impacts trade-in values for used equipment.
For professional evaluators reviewing common assets, assigning values can often be straightforward and even routine. However, even the most experienced evaluators can be faced with putting values on equipment that's specialized or not commonly used in the dealership's footprint. We asked Bill Albaugh how he handles highly specialized or uncommon equipment.
Values derived from specifications and data alone are easy to generate. However, any good evaluator knows how much an accurate valuation depends on an asset's condition — which can't tell from just the year, make and model. We asked Bill Albaugh if pictures are necessary when performing an accurate equipment valuation.
Each asset type has its own wear points and likely failure points. Knowing where to look on each different type of equipment for problems can make the difference between a proper valuation and a costly error. We asked Bill Albaugh what he looked at when evaluating self-propelled sprayers.
Changes in farming practices over time can cause shifts in value trends for classes of agricultural equipment. We asked Bill Albaugh what he looked at when assigning values to tillage equipment and if the adoption of no-till practices was causing a noticeable trend in tillage equipment values over time.
Equipment maintenance and management decisions can have a direct impact on valuations. We asked Bill Albaugh if he paid attention to how equipment was stored when performing his valuations and how storage choices can impact equipment values.
One of the services HeavyWorth provides is trusted, third-party equipment valuations for lenders who might not have the ability to do proper equipment valuations for themselves. We asked Bill Albaugh why it is so important that lenders have current and accurate valuations of the equipment backing the loans for ag or construction equipment.